Best Loan Apps For Students In India
Students may encounter financial difficulties when it comes to covering their educational expenses. It can be tuition fees, to pursue higher education, accommodation, travel costs, food, coaching, and other expenses if they are studying in a different city or country. To address such needs, students opt for personal loans. This is where online loan apps for students come in handy.
In this blog, let’s explore the five best loan apps for students in India that help them achieve their academic goals.
Student Loan Apps In India
Amid the multitude of loan options in India, not all align with students’ unique needs. This is where student loan apps come as a wonderful option, as they provide swift funds and a straightforward loan approval process. What’s even more appealing is that, in some cases, they do not necessitate collateral and can be secured even without a credit history.
Numerous loan apps in India make it easier for students to get the financial assistance they need. The following discusses the best five loan apps for students in India.
Top Five Student Loan Apps In India
1. PaySense:
PaySense is a popular loan app to fund education. Loans from PaySense have enabled countless students to pursue their dreams without any financial constraints. This app allows for quick loan approval and disbursal. Additionally, educational loans below ₹4 Lakh don’t require any collateral, security or third-party guarantee.
The following table gives an overview of PaySense student loan details:
| Education Loan | Rs 5,000 – Rs 5,00,000 |
| Student Age | 18 years – 35 years |
| Repayment Period | 5 years – 12 years |
| Interest Rate | 8.5% – 11% per annum |
Note: The loan amount, tenure and the interest rate are subject to change.
2. mPokket:
mPokket is one of the fastest loan apps that provides loans to students. This app also offers four-month, short-term personal loans with a maximum amount of ₹45,000. The amount is directly credited to the student’s bank account. Students across the country can access this loan with a legitimate college ID and address proof.
The following table gives an overview of mPokket student loan details:
| Education Loan | Rs 500 – Rs 30,000 |
| Student Age | 18 years & above |
| Repayment Period | 61 days – 120 days |
| Interest Rate | 1% – 4% per month |
Note: The loan amount, tenure and the interest rate are subject to change.
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3. Pocketly:
Pocketly is one of the most flexible loan apps in India which provides instant funds for students. As an initial offer, the app provides credit of ₹600, it also charges low processing fees and interest rates being relatively low. Pocketly offers instant personal loans to students who don’t have enough pocket money or in need of quick cash.
The following table gives an overview of Pocketly student loan details:
| Education Loan | Rs 500 – Rs 50,000 |
| Student Age | 18 years – 30 years |
| Repayment Period | 2 months – 12 months |
| Interest Rate | 1% – 3% per month |
Note: The loan amount, tenure and the interest rate are subject to change.
4. KreditBee:
KreditBee is among the best and legit loan app for students in India that offers quick funds to college students and salaried individuals. The entire process, from application to issuance takes place online and it guarantees loan disbursement in ten minutes. The app provides 3 types of loans, in which the “Flexi Personal Loan” is for students who are close to graduating or who want to pursue higher education.
The following table gives an overview of KreditBee student loan details:
| Education Loan | Rs 1,000 – Rs 4,00,000 |
| Student Age | 21 years – 50 years |
| Repayment Period | 3 months – 60 months |
| Interest Rate | 1.02% – 2.49% per month |
Note: The loan amount, tenure and the interest rate are subject to change.
5. CASHe:
Instant loan apps like CASHe, deliver quick loans and make the application process more convenient. Any salaried individual earning at least ₹15,000 per month can avail this student loan. The process is fully digital and paperless and has no requirement for a credit history while applying for a student loan..
The following table gives an overview of CASHe student loan details:
| Education Loan | Rs 1,000 – Rs 50,000 |
| Student Age | 21 years & above |
| Repayment Period | 3 months – 36 months |
| Interest Rate | 12% – 30% per annum |
Note: The loan amount, tenure and the interest rate are subject to change.
All the numeric values given in the tabular column may vary depending on the borrower’s profile and the app’s policy. So, before applying for a education loan, it is important to compare different apps and the offers provided by them. Only after a clear understanding, choose the one that best fits your financial needs.
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Features and Benefits of Student Loans in India
- Student loans make education more accessible and affordable.
- Compared to other types of loans, student loans in general come with a longer repayment period.
- Several educational institutions work with banks and non-bank financial institutions to arrange education loans for their students.
- Most student loans do not require collateral or security.
- It is possible to borrow Rs. 10 lakh for a domestic course and Rs. 20 lakh for an international course. For reputable institutions, the amount limit might change.
- Under Section 80E of the Income Tax Act, anyone who takes out student loans for themselves, their children, their spouses, or minor children under guardianship is eligible to claim tax deductions. But the deduction is valid for the first eight years.
To Conclude,
Student loans help reduce the financial burden on the students and their families, especially where education is given top priority. Additionally, students can build a good credit score by making on-time repayments, which will help them qualify for other types of loans in the future. However, it is important to use them wisely and responsibly. Before signing up for one, carefully read through the terms and conditions.
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